The chart is a 3 box reversal Point and Figure chart.
The chart is based on daily high and daily low prices.
The chart is a 2% logrithmic chart, ie each chart box represents
a price change of 2% of the value of the box above or below it.
Four possible support prices and four possible resistance prices
are shown, as well as the support/resistance lines.
A 'resistance' or 'support' point is a price where an issue's upward
or downward price movement may 'stall'. The ultimate result of the 'stall'
may be either a continuation or a reversal of price movement, depending
on whether there are more or less sellers than buyers at the specific price
NOVL is now trading in an overall bullish trading channel. NOVL
has traded down from it's recent high, and actually broke through the overall
bullish trading channel support line, but it failed to give a sell signal
to confirm the trend reversal. NOVL currently has broken to the upside,
given a buy signal, and is in an uptrend column ('X'). Resistance may be
seen at points R1 through R4. If the uptrend column ('X') reverses into
a downtrend column ('O'), support may be seen at points S1 through S4.
S2 must hold to preserve the overall bullish trading channel.